Investment Rating - The investment rating for the company is "Accumulate" [2][17]. Core Insights - The company is expected to achieve a net profit of 665-675 million RMB in H1 2025, representing a year-on-year growth of 35%-37%, slightly exceeding expectations. The net profit margin continues to improve, indicating strong brand power and robust growth across categories and channels [3][9]. - The company has shown a significant increase in revenue, with a projected total revenue of 5.18 billion RMB for 2025, reflecting a growth rate of 33.3% compared to the previous year [6][10]. - The company has successfully expanded its online presence, with a reported growth of over 70% during the 618 shopping festival, making it one of the fastest-growing brands [9][10]. - The launch of the "Wen Dao Dong Fang" perfume series marks the company's entry into the fragrance category, aiming to leverage its brand influence and product quality to capture market share in high-end beauty [9][10]. Financial Summary - The projected financials for the company are as follows: - Total revenue for 2025 is estimated at 5,180 million RMB, with a growth rate of 33.3% [6]. - Gross profit is expected to reach 4,374 million RMB, with a gross margin of approximately 84.44% [10]. - The net profit attributable to the parent company is forecasted to be 1,189 million RMB for 2025, reflecting a growth of 35.1% [6][10]. - The company maintains a strong financial position with a projected PE ratio of 37.62 for 2025 and a PB ratio of 9.53 [6][10].
毛戈平（01318）：2022半年度业绩预告点评：业绩稳健高增，品牌势能向上